The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1887-12-08
.eSs Customs Tdration.

And now there is left only the revenue
from customs taxation TO be considered.
Here is where the reduction should be made,
and while reducing, advantage should be
taken of the opportunity to reform tne
abuses and Inequalities of the tariff laws
Add to the free list as many articles as pos
sible. Reduce duties upon every dutlaple ar
ticle to the lowest point possible; Dut IN az
pertaining these possibilities the present SIT
uation Of labor and business must always DC
kept in mind.
One argument urged in favor of the con-
tinuaace of the present highly protectlve
tariff would, if admitted to be true, establish
the claim that the majority OF the labor ana
people of this country have made compact
with the minority that the majority Will pay
the minority more for certain articles, 70 De
made by the latter, than the price az when
the people of other countries are willing 10
sell the same that the evidence of this Is
found in our tariff laws which have kept
duties at highly protective rate since early
in the war. and in the continued existence Oh
those laws for so long time; and that UNI
der these conditions many laboring men
have become so employed in certain. indus
tries that it might be difficult for them at
once to get other work.
While not admitting that labor elsewhere
can injure labor as a whole in this country
by giving il clothing and tools at less cost
than it can make .them here for itself, no
more than the sun. the winds, the waters,
and, indeed, all of the forces of nature In
jure the labor of the world because they DO
for mankind far more of mans work than ne
does himself, yet it must be admitted that
the cheaper labor Of other countries might
now injure portion of the labor Oh this
country if the articles made by the former
were admitted here upon terms when would
enable eur people to buy them Tor the prices
at which they are sold in other countries. Ii
this obligation. which tits claimed that labor
as whole has assumed toward labor en-
gagged in particular industries in this coun-
| try, does exist, it should be sacredly kept.
however unwise and ill-considered we may
believe its assumption to have been and
whether the existence of this obligation is
admitted or not the fact of this present en-
| ployment of portion of the laborers of the
country should always be in mind when
making changes in the tariff, to the end that
| their interests may not suffer thereby.
Under the encouragement offered by the
| tariff laws. large sums of money have been
| invested in manufacturing enterprises, and
| the capital thus invested must also be re-
membered, for it is important to the country
that 1t should receive reasonable reward, ana
| its power to pay fair wages to the labor
| which it employs depends upon its own pros
| perity But it must also be borne in mind
| that it was no part Of the alleged compact,
| nor should it be claimed on any other
| ground, that the labor engaged in the tariff
| protected industries should be rewarded be-
| yond the general labor of the country, due
| allowance being made for skill and expert
| ence, or that the capital invested in them
| should return vast fortunes to its owners.
| The country was promised the benefit OF
/ whatever competition might naturally arise
| among the manufacturers when they should
| be once established and to this it has right
| The tariff laws are the country's laws; they
| do not belong to any section or to any class
| their amendment should be approached in q
| spirit of justice, and with full consideration
Of all of the obligations which exist between
| sections of the country toward each other
| and of those engaged in one pursuit toward
| those engaged in other pursuits, but it should
also be approached with courage, and with .
determination 10 dispose of this business In
the same way that other business is disposed
/ of, and with full regard to the rights anC
| equities, as well as the interests of all con
| cerned. After paying due regard to all these
equities, after providing for due observance
| of every Obligation it will be found thai
| great reductions can be made in tariff taxa
| ton. So many compensations will be there
| by given to this and that industry that mos
| of them will find themselves in fully as goot
state as now, many of them in much bet
| ter state. Patient labor, coupled with firm
determination to lay aside every considera
| ton save the lasting good Of the whole coun
| try, will enable the Congress to accomplish
its task with honor.
Surplus In the Treasury.
After the question of the annual surplus
| revenues is disposed of, there still remain.
| tne surplus money winch is In the treasury
| to he considered. This surplus amounted
| on the first day of December, to $55 25S,
| 701.19, and will probably amount to about
| $140, 600 on the 30th day of June next
| One use which can be made of this money i:
| TO diminish taxation to such an extent thai
| the annual revenues will be less for some
| years to come than the appropriations; thu:
| the accumulated surplus would be used fol
| ordinary expenses and the people would
| gain the greatest possible good from it
| Doubtless bysthe time this money was spent
| in pursuance of this plan, the revenue
would have so increased as to be equal tC
proper annual expenses. Experience teaches
| that this would probably be the case. In
| the mean time portion of this money could
| lie in banks, where it would be available for
| the business of the country, and, as upon
withdrawal from them it would be at once
returned to the channels of business through
government payments, no shock would be
caused by such withdrawal. As this is the
best use to make of this money, advise it.
| If, however, 1t is thought better to attempt
| to buy bonds with it. | should like to have
specific authority given to the Secretary of
the Treasury to do so.
STANDARD iSilrer Dollars:
The number of standard silver dollars in
the treasury has increased from 1S1, 253, 566
July l, 1886, to 214, 532 Nov. l, 1887. 1t is
waste to coin and store any more silver
dollars at present There is no function
which those that are coined after this time
will probably ever perform. except to lie in
government vaults and be basis upon
which silver certificates can be issued. 1t is
seldom that any one wishes to have his sill
yer certificates exchanged for the silver dol
lar, consequently limited number of coin
ed dollars will perform the work of redeem
ing certificates The $214,0O0,000 which are
now in the treasury will more than suffice to
redeem, as they may be presented from time
to time, the silver certificates that have all
ready been issued or that can be issued
against all the dollars which will be coined
for years to come under the present law
The law should be so amended as to au-
thorize the Secretary of the Treasury to is
sue certificates against the coming value of
the bullion bought and to coin only such
number of dollars as he may deem expedient
hereafter This would not restrict in the
least degree the use of the silver dollar as
currency. The certificates would be equally
secure whether representing coined dollars
lying in vaults, or representing .bulli0n also
lying in vaults, and which could be coined
into dollars. The bullion should be melted
into the form of heavy bars, which could not
be easily stolen or lost. In this form the sill
yer could be easily and quickly moved, and
counted.
There should always be in the treasury
enough silver besides that held against out
standing certificates to enable the govern
ment to at once supply any demand for it on
the part Of the peoples but all held in the
treasury in excess of that amount is abso-
lutely useless for any purpose and is in fact
menace to the silver which the people
hold and also to the United States notes and
national bank notes, to the whole circulating
medium, except gold; therefore 1t would be
the part of wisdom to prevent any accumula-
ton OF silver in the treasury beyond suffi-
Gent reserve needed to meet
any demand which may be made for it.
This can be done by fixing the amount of such
reserve, and provided that when it is exceed
ed by say S5000000 the purchase of bullion
shall cease until the amount held by the
government again equals such reserve. An
other plan, and somewhat similar to that
recommended by my predecessor in his last
annual report, would be to provide that when
the reserve was exceeded, an amount of
United States notes equal in value to such
excess, should be cancelled, If enough of
them were in the treasury; but If not, then
the purchase OF bullion to cease until the
maximum reserve should be reached. This
would create vacuum i'll the circulating
medium which would be filled by silver. The
amount of United States notes would be
gradually reduced until the whole were ex-
tinguished; silver dollars or silver certifi-
Gates would take the place of United States
notes as they were retired. This plan would
make our currency more uniform and as Sc
cure as now
The trade dollars have been practically re-
deemed in gold under act of Congress, al
though they were held by but few persons,
were intrinsically worth more than the stand
ard dollar, and had far less equitable claim
for dam ntinu than Voul1 tha standard dol